HomeMy WebLinkAbout2005-30 - Reimbursement of Interim Expenditures for Civic Center• RESOLUTION NO. 2005- 30
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF NEWPORT BEACH
REGARDING ITS INTENTION TO ENABLE REIMBURSEMENT OF INTERIM
EXPENDITURES FROM PROCEEDS OF A POSSIBLE FUTURE DEBT ISSUANCE
AND RESCIND RESOLUTION NO. 2003 -41.
WHEREAS, the City of Newport Beach ( "City') may finance the costs of construction of a
new City Hall, Fire Station, and Parking Structure complex (the "Project');
WHEREAS, the City may finance the Project or portions of the Project with the proceeds of
obligations, the interest upon which is excluded from gross income for federal income tax
purposes, (the "Obligations "); and
WHEREAS, prior to incurring Obligations the City may incur certain expenditures with
respect to the Project from available monies of the City, which expenditures are desired to be
reimbursed by the City from a portion of the proceeds of the Obligations;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Newport Beach
hereby resolve, order and determine as follows:
1. The City hereby states its intention and reasonably expects to reimburse Project costs
incurred prior to the incurrence of the Obligations with proceeds of the Obligations.
• 2. The reasonably expected maximum principal amount of the Obligations is
$50,000,000.00.
3. This resolution is being adopted on or prior to the date (the "Expenditures Date or
Dates ") that the City will expend monies for the portion of the Project costs to be
reimbursed from proceeds of the Obligations.
4. The expected date of incurrence of the Obligations will be within one year of the
Expenditures Date or Dates or the date the Project is placed in service, whichever
occurs last.
5. Proceeds of the Obligations to be used to reimburse for Project costs are not expected
to be used directly or indirectly to pay debt service with respect to any obligation (other
than to pay current debt service coming due within the next succeeding one year period
on any tax - exempt obligation of the City (other than the Obligation)) or to be held as a
reasonably required reserve or replacement fund with respect to a obligation of the City
or any entity related in any manner to the City, or to reimburse any expenditure that was
originally paid with the proceeds of any obligation, or to replace funds that are or will be
used in such manner.
6. The resolution is consistent with the budgetary and financial circumstances of the City,
as of the date hereof. No monies from sources other than the Obligation are, or are
• reasonably expected to be reserved, allocated on a long -term basis, or otherwise set
aside by the City (or any related party) pursuant to its budget or financial statement.
• 7. This resolution is adopted as official action of the Issuer in order to comply with Treasury
Regulation 1.103 -18 and any other regulations of the Internal Revenue Service relating
to the qualification for reimbursement of City expenditures incurred prior to the date of
incurrence of the Obligations, is part of the City's official proceedings, and will be
available for inspection by the general public at the main administrative office of the City.
•
•
All the recitals in this Resolution are true and correct and the City Council of the City of Newport
Beach so finds, determines and represents.
ADOPTED, this 241h day of May, 2005.
ATTEST:
i Il. Ad
• STATE OF CALIFORNIA }
COUNTY OF ORANGE
CITY OF NEWPORT BEACH }
I, LaVonne M. Harkless, City Clerk of the City of Newport Beach, California, do
hereby certify that the whole number of members of the City Council is seven; that the foregoing
resolution, being Resolution No. 2005 -30 was duly and regularly introduced before and adopted by
the City Council of said City at a regular meeting of said Council, duly and regularly held on the
24th day of May 2005, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Heffernan, Rosansky, Ridgeway, Daigle, Nichols, Mayor Bromberg
Noes: None
Absent: Webb
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
• official seal of said City this 25th day of May 2005.
(Seal)
1]
0
City Clerk
Newport Beach, California